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30
Annual report 2012 www.recope.com
FINANCIAL
ANALYSIS OF THE
STATEMENTS
SITUATION STATEMENT:
CURRENT ASSETS
A 31% decrease about US $183.033 thousand is presented
when the month of December 2012 is compared to December
of 2011. The main changes are due to:
Cash and cash equivalents (cash, banks and investments):
The balance of cash and investments shows a US $53.373
thousand decrease from US $121.804 thousand in December of
2011, to US $68.431 thousand in December, 2012 equivalent to
44%. This is due to the reduction in the oil sale prices, applied by
ARESEP in the last quarter of 2011 (two of them in December).
The price was flat during the first quarter of 2012 due to appeals
to the Constitutional Court against price fixing. These appeals
delayed the publication of resolutions for five months, causing
a consequent reduction in the availability of tariff resources.
The Company had to use credit lines, with several commercial
banks, for a total of US $108 million, and cancel them in
December of 2012.
Due Accounts
This item presents a 134% increase US $2.308 thousand by
compromised accounts. A 2% tax deduction generated an
increase in sales of receivable government credits which
constituted a 134% increase in due debts.
Inventories:
All inventories including inventories of materials decreased by
US $166.987 thousand, equivalent to a 40% reduction when
compared to the previous year. This is due to a 72% decrease
in the inventory of raw materials. This is due to the sale of the
crude oil that was stored and a lowering in the inventory of
bunker.
The decline was with regards to volume. The value of inventories
actually increased, because the average yearly cost of buying a
barrel of cocktail went from US $116.80 in 2011 to $120.70 in
2012.
Prepaid Expenses
Prepaid expenses increased by US $29.583 thousand (91%) as a
result of; fuel imports tax payments made by the company and
monetary advances made to suppliers of conferred projects,
among other items.